New York—UDR Inc. has completed the acquisition of 21 Chelsea, a 210-unit luxury apartment community located in New York City’s Chelsea neighborhood. News of the purchase first came on July 12 when UDR published a press release detailing the planned acquisition of three East Coast apartment communities with a combined purchase price of $687 million.
21 Chelsea was picked up for $138 million, or $595,000 per unit. The property is located on 21st Street between 6th and 7th Avenues. It is a 14 story community with amenities that include a 24-hour doorman, rooftop deck and onsite laundry.
UDR plans to invest between $6 and $8 million into the property over the next two years. The campaign will renovate homes to include new baths and kitchens with new cabinets, granite countertops and stainless steel appliances.
HFF arranges financing for N.J. development
Lyndhurst, N.J.—Holliday Fenoglio Fowler LP has arranged a construction loan for Meadow Crossing, a 172-unit development located in Lyndhurst, N.J. The firm worked on behalf of the borrower, Russo Development, to secure a 24-month loan through Wells Fargo Bank NA. The loan proceeds will cover construction cost for Phase I of the property.
“This project will be one of the most desirable Class A luxury apartment communities in Northern New Jersey,” says Thomas Didio, senior managing direct at HFF. “Russo Development has a long history of building high-quality commercial and residential properties and we at HFF are pleased to have assisted in securing financing.”
Meadow Crossing has an expected completion date in 2012. The property will have four residential buildings with one-, two- and three-bedroom units that average 1,030 square feet in size. Community amenities will include a clubhouse with fitness center, billiards/recreation room, dining room and outdoor pool. The community is located at 340 Orient Way within walking distance of the Kingsland Train Station. Lyndhurst is located about seven miles west of Manhattan along the Route 3 corridor.
NorthMarq arranges $37.2M Freddie Mac mortgage
Fort Worth, Texas–Greg Duvall, senior vice president and senior director of NorthMarq Capital’s Kansas City Regional office, arranged first mortgage financing of $37.2 million for Broadstone Centreport, a 452-unit multifamily community located at 14301 Centre Station Drive in Fort Worth, Texas.
Financing was based on a seven-year term with three-years interest-only followed by a 30-year amortization schedule. The loan was arranged for the borrower by NorthMarq through its seller-servicer relationship with Freddie Mac.